Arab Today, arab today jordan announces rise in prices to battle deficit
Last Updated : GMT 03:28:05
Arab Today, arab today
Arab Today, arab today

New cabinet introduces austerity measures

Jordan announces rise in prices to battle deficit

Arab Today, arab today

Arab Today, arab today Jordan announces rise in prices to battle deficit

Jordan's prime minister Fayez al-Tarawneh
Amman - Agencies

Jordan\'s prime minister Fayez al-Tarawneh Jordan’s new prime minister Fayez al-Tarawneh said on Sunday his government planned price rises soon for some essentials to prevent a spiralling budget deficit from passing $4 billion this year and further damaging the kingdom’s sluggish economy.
Tarawneh said the austerity moves expected before the end of the month would include rises in electricity and premium gasoline prices, but would not affect subsidies on bread for the poor.
He said they were crucial as a signal to the country’s Western donors that the aid-dependent kingdom was serious about fiscal consolidation.
“There is a need for speedy measures to assure regional institutions and international donors that we are doing our part to put our house in order financially and economically,” Tarawneh was quoted by the state news agency as saying.
Although Jordan liberalised energy prices several years ago, it retained last year a freeze on further gasoline hikes and some basic commodities to head off the potential for unrest.
Finance minister Suleiman al-Hafez was also quoted as saying the planned price hikes, that would include higher taxes on luxury goods were crucial to avoid the budget deficit soaring to 2.03 billion dinars ($2.8 billion) after foreign aid that traditionally covers budget shortfalls.
Hafez said the budget deficit could reach a record 2.93 billion dinars if foreign aid levels fall dramatically this year and the measures were not taken.
Last year the kingdom’s economy was kept afloat after a $1.4 billion cash injection from Saudi Arabia.
Officials say this year there was no pledge of support from Saudi Arabia, raising concerns about the state of the budget.
The 2012 budget has set a much lower budget deficit estimate of 1.027 billion dinars or 4.6 percent of gross domestic product that had made allowance for extra foreign aid and a streamlining of a subsidies package.
Successive governments have adopted an expansionist fiscal policy characterised by sizeable state subsidies and salary increases after months of protest since early last year inspired by the civil uprisings that swept the Arab world.
To head of greater unrest, the authorities created new state jobs in an already bloated public sector, froze gasoline prices and maintained subsidies for bread.
Economists said Jordan’s ability to continue to maintain a costly subsidy system and the upkeep of a vast state bureaucracy, whose salaries consume the bulk of the $9.6 billion state expenditure, was increasingly untenable in the absence of large foreign capital inflows or infusions of foreign aid.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today jordan announces rise in prices to battle deficit Arab Today, arab today jordan announces rise in prices to battle deficit

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today jordan announces rise in prices to battle deficit Arab Today, arab today jordan announces rise in prices to battle deficit

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today A no-frills business success

GMT 07:00 2017 Wednesday ,20 September

A no-frills business success
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Israel sees benefits in independent Kurdistan

GMT 07:58 2017 Wednesday ,20 September

Israel sees benefits in independent Kurdistan
Arab Today, arab today Saudi Arabia to unblock internet calling apps

GMT 11:31 2017 Wednesday ,20 September

Saudi Arabia to unblock internet calling apps
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today New Zealand opposition looks

GMT 10:35 2017 Thursday ,14 September

New Zealand opposition looks
Arab Today, arab today Puerto Rico, Virgin Islands brace

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Intel chips loaded in Waymo

GMT 14:43 2017 Wednesday ,20 September

Intel chips loaded in Waymo
Arab Today, arab today Five trends at the Frankfurt auto show

GMT 12:04 2017 Monday ,18 September

Five trends at the Frankfurt auto show
Arab Today, arab today Horia Farghaly happy for success of “Case G”

GMT 12:14 2017 Monday ,18 September

Horia Farghaly happy for success of “Case G”
Arab Today, arab today France hopeful of persuading Trump

GMT 06:21 2017 Wednesday ,20 September

France hopeful of persuading Trump

GMT 06:31 2017 Saturday ,16 September

Eman Al Assy receives three offers

GMT 05:05 2017 Tuesday ,12 September

Pregnant woman's suicide roils China

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 04:26 2017 Wednesday ,20 September

Opioid overdose deaths take 2.5 months

GMT 11:40 2017 Monday ,18 September

Russia and Iraq restore air travel

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:56 2017 Friday ,15 September

Apple's grand plan in Ireland held up by a forest

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday